SNB: Jordan to step down as SNB Chairman at end of September

Mar-01 06:28
  • The SNB Chairman Thomas Jordan has announced he will step down at the end of September.
  • This will make Jordan's last monpol meeting 26 September and since the SNB only holds quarterly monpol meetings there should be plenty of time to get a replacement in for Jordan in place in time for the following meeting on 12 December.
  • Although there are 3 members of the SNB Executive Board, the setup of the SNB gives the Chairman a lot more influence over monpol than with other central banks.
  • There is not much reasoning in the statement to explain his early departure and the SNB has expressed that it "greatly regrets" Jordan's decision. Some point to Credit Suisse's issues as a potential catalyst, although we can't be certain, especially with the decision seemingly driven by Jordan, not the SNB.
  • Jordan's term hadn't been due to end until 2027.
  • The full press release is available here.

Historical bullets

LOOK AHEAD: UK Timeline of Key Events (Times GMT)

Jan-31 06:23
Date UK Period Event
01-Feb 0930 Jan S&P Global Manufacturing PMI (Final)
01-Feb 1200 Bank Of England Interest Rate
01-Feb 1230 BoE Press Conference
01-Feb 1400 Jan DMP Data
02-Feb 1215 BOE's Pill- MPR National Agency briefing
06-Feb 0001 Jan BRC-KPMG Shop Sales Monitor
06-Feb 0930 Jan S&P Global/CIPS Construction PMI
07-Feb 0840 BoE's Breeden Speaks At Women In Economics Event
08-Feb 1500 BoE's Mann Speaks At OMFIF
13-Feb 0700 Dec/Jan Labour Market Survey
14-Feb 0700 Jan Consumer inflation report / Producer prices
15-Feb 0700 Dec / Q4 GDP / Services / Production / Trade / Construction
16-Feb 0700 Jan Retail Sales
21-Feb 0001 Jan XpertHR pay deals for whole economy
21-Feb 0700 Jan Public Sector Finances
22-Feb 0930 Feb S&P Global/ CIPS UK Flash PMI

EURGBP TECHS: Bearish Outlook

Jan-31 06:21
  • RES 4: 0.8768 High Nov 20
  • RES 3: 0.8715 High Dec 28 and the bull trigger
  • RES 2: 0.8676 High Jan 3
  • RES 1: 0.8576/8609 20- and 50-day EMA values
  • PRICE: 0.8536 @ 06:20 GMT Jan 31
  • SUP 1: 0.8513 Low Jan 29
  • SUP 2: 0.8493 Low Aug 23 2023 and a key medium-term support
  • SUP 3: 0.8454 61.8% of the Mar 7 - Sep 26 ‘23 bull phase
  • SUP 4: 0.8388 Low Aug 17 2023

EURGBP bears remain in the driver’s seat. Recent weakness resulted in a break of support at 0.8549, the Dec 11 low, strengthening the current bearish condition. Monday’s extension, further reinforces the downtrend. Sights are on 0.8493, the Aug 23 ‘23 low and a key support. The 50-day EMA, at 0.8609, is the initial firm resistance to watch. First resistance is at 0.8576, the 20-day EMA.

LOOK AHEAD: Eurozone Timeline of Key Events (Times GMT)

Jan-31 06:18
Date Time Country Event
31-Jan 0700 DE Import/Export Prices / Retail Sales
31-Jan 0745 FR HICP (p) / PPI
31-Jan 0855 DE Unemployment
31-Jan 0900 DE North Rhine Westphalia / Bavaria CPI
31-Jan 1300 DE HICP (p)
01-Feb 0815 ES S&P Global Manufacturing PMI (f)
01-Feb 0845 IT S&P Global Manufacturing PMI (f)
01-Feb 0850 FR S&P Global Manufacturing PMI (f)
01-Feb 0855 DE S&P Global Manufacturing PMI (f)
01-Feb 0900 EU S&P Global Manufacturing PMI (f)
01-Feb 1000 EU HICP (p) / Unemployment
01-Feb 1000 IT HICP (p)
01-Feb 1130 EU ECB's Lane remarks at EIEF
02-Feb 0745 FR Industrial Production
05-Feb 0700 DE Trade Balance
05-Feb 1000 EU PPI